VDY.TO vs. GLD

Last updated Jun 14, 2026

VDY.TO (Vanguard FTSE Canadian High Dividend Yield Index ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - VDY.TO is a Dividend fund tracking the FTSE Canada High Dividend Yield Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, VDY.TO returned 14.58%/yr vs 13.12%/yr for GLD. At a correlation of -0.02, they often move in opposite directions. VDY.TO charges 0.22%/yr vs 0.40%/yr for GLD.

Performance

VDY.TO vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VDY.TO is traded in CAD, while GLD is traded in USD. To make them comparable, the GLD values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VDY.TO achieves a 23.81% return, which is significantly higher than GLD's -0.49% return. Over the past 10 years, VDY.TO has outperformed GLD with an annualized return of 14.58%, while GLD has yielded a comparatively lower 13.12% annualized return.

VDY.TO

• 1D: 0.65%
• 1M: 5.30%
• YTD: 23.81%
• 6M: 23.43%
• 1Y: 49.57%
• 3Y*: 27.42%
• 5Y*: 17.91%
• 10Y*: 14.58%

GLD

• 1D: 0.24%
• 1M: -7.75%
• YTD: -0.49%
• 6M: -0.85%
• 1Y: 25.59%
• 3Y*: 30.82%
• 5Y*: 20.51%
• 10Y*: 13.12%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VDY.TO vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	23.81%	29.21%	21.44%	8.41%	-0.23%	36.60%	-1.37%	21.42%	-10.09%	8.32%
GLD SPDR Gold Shares	-0.49%	56.20%	37.38%	10.01%	5.52%	-4.20%	21.85%	13.00%	6.30%	5.17%

Correlation

The correlation between VDY.TO and GLD is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.00
Correlation (All Time) Calculated using the full available price history since Nov 8, 2012	-0.02

The correlation between VDY.TO and GLD shifts across timeframes, from -0.02 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VDY.TO vs. GLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VDY.TO

VDY.TO Risk / Return Rank: 98
VDY.TO Sharpe Ratio Rank: 99
VDY.TO Sortino Ratio Rank: 98
VDY.TO Omega Ratio Rank: 98
VDY.TO Calmar Ratio Rank: 98
VDY.TO Martin Ratio Rank: 98

GLD

GLD Risk / Return Rank: 26
GLD Sharpe Ratio Rank: 27
GLD Sortino Ratio Rank: 25
GLD Omega Ratio Rank: 30
GLD Calmar Ratio Rank: 24
GLD Martin Ratio Rank: 24

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VDY.TO vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) and SPDR Gold Shares (GLD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VDY.TO	GLD	Difference
Sharpe ratio: Return per unit of total volatility	5.98	0.98	+5.01
Sortino ratio: Return per unit of downside risk	8.59	1.35	+7.24
Omega ratio: Gain probability vs. loss probability	2.21	1.20	+1.01
Calmar ratio: Return relative to maximum drawdown	15.94	1.20	+14.74
Martin ratio: Return relative to average drawdown	64.95	3.41	+61.54

VDY.TO vs. GLD - Sharpe Ratio Comparison

The current VDY.TO Sharpe Ratio is 5.98, which is higher than the GLD Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of VDY.TO and GLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VDY.TO vs. GLD - Drawdown Comparison

The maximum VDY.TO drawdown since its inception was -39.21%, which is greater than GLD's maximum drawdown of -33.66%. Use the drawdown chart below to compare losses from any high point for VDY.TO and GLD.

Drawdown Indicators

	VDY.TO	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-39.21%	-33.66%	-5.55%
Max Drawdown (1Y) Largest decline over 1 year	-3.12%	-22.24%	+19.12%
Max Drawdown (3Y) Largest decline over 3 years	-10.38%	-22.24%	+11.86%
Max Drawdown (5Y) Largest decline over 5 years	-16.17%	-22.24%	+6.07%
Max Drawdown (10Y) Largest decline over 10 years	-39.21%	-22.86%	-16.35%
Current Drawdown Current decline from peak	0.00%	-19.65%	+19.65%
Average Drawdown Average peak-to-trough decline	-4.47%	-10.77%	+6.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	7.83%	-7.07%

Volatility

VDY.TO vs. GLD - Volatility Comparison

The current volatility for Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) is 3.27%, while SPDR Gold Shares (GLD) has a volatility of 7.89%. This indicates that VDY.TO experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VDY.TO	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	7.89%	-4.62%
Volatility (6M) Calculated over the trailing 6-month period	6.96%	24.01%	-17.05%
Volatility (1Y) Calculated over the trailing 1-year period	8.32%	27.34%	-19.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.58%	19.13%	-7.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	17.28%	-1.33%

VDY.TO vs. GLD - Expense Ratio Comparison

VDY.TO has a 0.22% expense ratio, which is lower than GLD's 0.40% expense ratio.

Dividends

VDY.TO vs. GLD - Dividend Comparison

VDY.TO's dividend yield for the trailing twelve months is around 2.83%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	2.83%	3.59%	4.37%	4.64%	4.42%	3.46%	4.59%	4.25%	4.44%	3.42%	3.25%	4.11%

Frequently Asked Questions

Can I hold both VDY.TO and GLD in my portfolio?

VDY.TO and GLD have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VDY.TO or GLD?

On fees, VDY.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VDY.TO or GLD?

VDY.TO is cheaper with a 0.22% expense ratio, compared with 0.40% for GLD.

What is the main difference between VDY.TO and GLD?

VDY.TO is categorized as Dividend, while GLD is Gold. VDY.TO tracks FTSE Canada High Dividend Yield Index, while GLD tracks LBMA Gold Price PM. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.22% for VDY.TO and 0.40% for GLD.